The Canada Revenue Agency (CRA)dictates that records supporting an item of income, deduction or credit on a tax return must be kept at least until the period of limitations for that tax return runs out.

While the period of limitations is officially 3 years, the Financial Industry Regulatory Authority (FINRA) also advises everyone to keep tax-related records for at least 7.

It’s important to check with the CRA to see how many years you need to keep taxes.

Information to Keep For Reference After Filing Taxes

Any ‘evidence’ that supports an item of income or credit on the tax return (receipts, bank, and credit card statements, cancelled cheques, and other proof of payment).

How to Keep Personal Tax Information Safe

Secure Storage

Set up a secure storage system for paper documents. A fireproof safe box is recommended. Converting paper documents to a digital format can simplify storage and retrieval. Save electronic copies to a backup storage device or cloud storage. Store in encrypted form on a flash drive, and secure the drive in a locked file cabinet for safe keeping. Label files based on retention requirements.

Secure Shredding

Never put confidential documents intact into the garbage or recycling bin. Information thieves can piece personal information found in the trash, even if paper has been ripped up manually. When no longer needed, the CRA recommends that paper documents are cross-cut shredded and old hard drives should also be professionally and 100% destroyed.

100% NAID Certified. North American Shred-it locations are NAID Certified for mobile document destruction, adhering to the stringent security practices and procedures established by the National Association for Information Destruction.

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